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UPDATE 1-KKR's Independence, Contango to create $5.7 billion company through merger

·1 min read

(Adds details on the deal)

June 8 (Reuters) - Private equity KKR & Co's Independence Energy LLC and Contango Oil & Gas Co said on Tuesday they will merge in an all-stock deal that would create an oil and gas company with an initial equity market capitalization of about $4.8 billion.

The deal comes at a time when a recovery in crude prices has sparked a wave of consolidation in the energy industry.

Upon completion of the deal, Independence shareholders will own about 76% and Contango shareholders will own the rest of the combined company.

Based on Contango's closing stock price of $5.62 on Monday, the combined company will have an initial market capital value of about $5.7 billion, including debt. (Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur)